Market Drama

Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA

October 30, 2023 

Watch Time: 3 minutes

Welcome to this week’s Market Drama!

  • The Stock Market:
    • The S&P 500 and Nasdaq were down roughly 2.5% for the week. 
    • Stocks are in correction territory, meaning they’ve fallen 10% from their recent highs.
    • There are two major drivers:
      • The continuous move up in treasury yields. 
      • We also had a mixed bag of earnings report. 
  • Economic Updates:
    • Strong third quarter GDP number – came in at 4.9% annualized growth. 
      • Biggest driver – consumption.
      • Core PCE data also came our this past week (the Fed’s preferred measure of inflation).
        • Ticked down from 3.8 to 3.7. This is well above the 2% target the Fed has. 
  • Good news: 
    • Economy is not in a recession. 
  • Bad news:
    • Economy looks to be running above its trend growth, which might decrease the odds of lowering interest rates any time soon. 

What to expect next week?

  • On Wednesday we have the Fed decision on interest rates. 
    • Press conference after.
  • U.S. non-farm payrolls and unemployment data. 

Stay tuned for next week. 

– Andres

Disclosure: This material provided by Zoe Financial is for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Nothing in these materials is intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Zoe Financial is not an accounting firm- clients and prospective clients should consult with their tax professional regarding their specific tax situation. Opinions expressed by Zoe Financial are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from sources believed to be reliable. Zoe Financial, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. 

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